A 55-year-old IT engineer in Pune has allegedly lost ₹67.94 lakh after being lured into a fake stock-trading operation promoted through a WhatsApp group.

According to the complaint filed with Pune Cyber Police, scammers initially deposited ₹5,400 into the man’s bank account to make their investment scheme appear legitimate. After gaining his trust, they allegedly persuaded him to transfer tens of lakhs of rupees to accounts linked to the fraudulent trading operation.

The victim was shown supposed profits of approximately ₹8.46 crore on the fake platform. His suspicions were eventually triggered when he tried to withdraw the money and was told to first pay ₹1.17 crore in brokerage charges.

How the WhatsApp Investment Scam Started

The alleged fraud began in August after the Pune resident joined a WhatsApp group while looking for information about stock-market investments.

Members of the group reportedly discussed shares and initial public offerings (IPOs), creating the appearance of an active investment community. A woman who claimed to represent an investment company subsequently contacted the man and promoted the group’s investment recommendations.

The victim initially avoided making any investment. The fraudsters then allegedly offered him ₹5,000 to make an initial trade.

Soon afterward, ₹5,400 was actually credited to his bank account. The genuine transfer reportedly convinced him that the people behind the investment platform were legitimate.

Victim Transfers Nearly ₹68 Lakh

After gaining confidence in the scheme, the victim began following the trading recommendations provided through the WhatsApp group.

According to the police complaint, scammers directed him to transfer funds to different bank accounts through a customer-service facility associated with the purported trading platform.

His first major transfer was reportedly ₹9.70 lakh on September 2. He later made two additional transfers of ₹31 lakh and ₹27.24 lakh.

Together, the three transactions brought his alleged losses to ₹67.94 lakh.

Meanwhile, the trading application showed his account generating enormous returns. The platform reportedly displayed a balance of around ₹8.46 crore, giving him the impression that his investments had produced extraordinary profits.

₹1.17 Crore Withdrawal Demand Raises Alarm

The scam began to unravel when the victim attempted to withdraw the money shown in his account.

Instead of releasing the funds, the operators allegedly demanded another ₹1.17 crore, describing it as brokerage charges that had to be paid before the withdrawal could be processed.

The unusually large payment request made the victim suspicious. He already had experience using legitimate stock-trading platforms and questioned why such a substantial payment was required simply to access his purported profits.

Rather than transferring more money, he decided to investigate the investment company independently.

Visit to Mumbai Reveals Fake Platform

On September 15, the victim reportedly visited the Mumbai office of the company whose name had allegedly been used by the fraudsters.

During the visit, he discovered that the people who had contacted him and the trading platform he had been using had no genuine connection with the company.

The realisation led him to conclude that he had fallen victim to an online investment scam. He subsequently contacted the cybercrime helpline and approached Pune Cyber Police.

Investigators are now examining the bank accounts and financial transactions allegedly used to collect the victim’s money.

How Fake Trading Platforms Gain Victims’ Trust

The case highlights a common pattern in online investment fraud: scammers often establish credibility before asking victims for large sums.

Fraudsters may use WhatsApp groups filled with discussions about stocks, IPOs and market trends to create the impression of a professional investment community. They may also provide apparently successful trading recommendations or make a small payment to demonstrate that the system works.

Once a victim becomes comfortable, scammers can encourage increasingly larger deposits. Fake trading applications may then display substantial profits that exist only within the platform.

The final stage often involves demands for additional money under labels such as taxes, brokerage, withdrawal fees, account verification or processing charges.

Police Warn Investors About Online Trading Scams

Cybercrime investigators regularly advise investors to independently verify investment companies and trading platforms before transferring money.

Potential investors should be particularly cautious when strangers approach them through WhatsApp or social media with promises of unusually high returns. The presence of a professional-looking application, investment group or initial payment does not by itself establish that a platform is genuine.

Investors should also avoid sending additional money simply because an online platform displays large profits or claims that a withdrawal will be blocked until another payment is made.

A ₹5,400 Payment Became the First Step in a ₹67.94 Lakh Loss

The Pune case demonstrates how a relatively small transaction can be used to establish trust before a much larger financial loss occurs.

What began with an alleged ₹5,400 confidence-building payment ultimately resulted in the victim transferring ₹67.94 lakh. The fake platform’s display of ₹8.46 crore in supposed profits and the subsequent ₹1.17 crore withdrawal demand eventually exposed the alleged fraud.

Fugitive businessman Mehul Choksi has withdrawn his multimillion-pound damages claim against the Government of India and other defendants in the UK High Court over his alleged abduction from Antigua in 2021.

Choksi had claimed that Indian authorities and several individuals were involved in an operation to unlawfully kidnap him and take him from Antigua to India through Dominica. He has now abandoned the London proceedings after failing to provide £677,000 in security for legal costs ordered by the court.

What Did Mehul Choksi Allege?

Choksi alleged that the Indian government conspired with five individuals to abduct and torture him before attempting to facilitate his return to India.

The alleged incident occurred on May 23, 2021, when Choksi disappeared from Antigua and was later located in Dominica. His legal case described the episode as an unlawful operation aimed at taking him back to India, where he is wanted in connection with the Punjab National Bank fraud investigation.

The Indian government denied the allegations and challenged the jurisdiction of the UK court. Choksi’s claims were allegations and were not finally determined at a full trial.

Why Did Choksi Withdraw the Case?

The London litigation came to an end after Choksi failed to meet a court order requiring him to provide security for the defendants’ legal costs.

Reports say the High Court had ordered him to provide £677,000 before the case could continue. After the required security was not paid within the specified period, parts of the claim were struck out, and Choksi subsequently withdrew the remaining proceedings.

The available reports do not establish a separate reason from Choksi for his decision to abandon the claim.

Importantly, the withdrawal does not amount to a judicial finding that the alleged kidnapping occurred or that it did not occur. The underlying allegations were not resolved through a full trial.

How Much Will Choksi Have to Pay?

The total amount connected to the court’s security-for-costs order was £677,000, or approximately ₹8.59 crore based on the exchange-rate calculation used in the original report.

The amount included security sought by different defendants involved in the litigation. The court’s proceedings considered issues surrounding the costs of the case and the defendants’ applications rather than issuing a final judgment on the kidnapping allegations themselves.

Choksi Continues to Face Extradition Proceedings

The UK case is separate from Choksi’s extradition proceedings in Belgium.

Choksi remains in custody in Antwerp while challenging efforts to extradite him to India. Indian authorities accuse him of involvement in the wider Punjab National Bank fraud case linked to his nephew, fugitive diamantaire Nirav Modi.

The PNB case has involved multiple investigations and proceedings across countries as Indian agencies seek to pursue people accused of involvement in the alleged financial fraud.

Sandeep Mistry Deported From UAE to India

The Choksi development comes as Indian investigators have secured the return of another accused person linked to the wider Nirav Modi-PNB case.

The Central Bureau of Investigation brought Sandeep Mistry to India from the United Arab Emirates after an Interpol Red Notice was issued against him in July 2026. He arrived in Mumbai late on September 28 and was subsequently taken into CBI custody.

A Mumbai court later remanded Mistry to judicial custody. The CBI has accused him of involvement in fictitious international trade transactions and of acting as an intermediary among entities allegedly connected to the fraud.

What Is Mistry Accused Of?

According to investigators, Mistry allegedly helped manage the operations of Dubai-based entities and communicated with people presented as directors of companies connected to the case.

The CBI has further alleged that he helped facilitate documents relating to fictitious trade in jewellery and used communications designed to conceal evidence. Investigators have also accused him of pressuring nominal directors of overseas companies. These are allegations contained in the criminal investigation and have not been established as convictions in the proceedings.

Two Separate Legal Developments in the PNB Case

Choksi’s withdrawal of his London damages claim and Mistry’s deportation from the UAE represent separate legal developments connected to the broader PNB fraud investigations.

For Choksi, the UK litigation has ended with a £677,000 security-for-costs consequence, while his extradition proceedings in Belgium remain separate.

For Indian investigators, Mistry’s return to India provides another opportunity to pursue allegations concerning the overseas entities and transactions examined in the PNB case.

The developments underline the international dimension of the long-running investigation, which has involved legal proceedings and law-enforcement cooperation across several countries.

A major real estate fraud case has emerged in Bengaluru after more than 300 families allegedly lost nearly ₹200 crore in a rental and investment scheme operated by a private firm identified as Johns Asset. Police complaints have been registered against the company, while its owner, Stephen John, is reportedly absconding.

The alleged scam has triggered panic among affected families, many of whom gathered at the Indiranagar police station demanding action and recovery of their money. Investigators believe the company exploited Bengaluru’s housing shortage by combining lease-based accommodation services with promises of high financial returns.

Real Estate Scheme Promised Housing and Monthly Returns

According to preliminary investigations, the company encouraged tenants to deposit large lease advance amounts directly with the firm instead of property owners. In exchange, Johns Asset allegedly promised to arrange rental accommodation and pay monthly rent to landlords on behalf of tenants.

The model attracted significant interest in Bengaluru’s competitive rental market, where landlords often demand substantial advance deposits from tenants.

Victims claimed the company initially made timely rental payments, helping build credibility and public trust. Later, the firm allegedly introduced additional investment offers promising fixed monthly returns, encouraging customers to invest larger sums ranging from ₹10 lakh to ₹75 lakh.

Police suspect the company used these attractive returns to draw continuous inflows of money before payments suddenly stopped.

Families Left Without Money or Housing Security

Several victims alleged they were left stranded after the company defaulted on rental payments and stopped responding to customers.

One complainant reportedly stated that her family invested nearly ₹37 lakh after being assured stable housing support and monthly financial benefits. According to the complaint, the company initially made payments regularly but later failed to pay rent to the property owner, placing the family under pressure to vacate the premises.

When investors demanded refunds, the firm allegedly offered temporary monthly interest payouts instead of returning the principal amount. Victims claimed these payments stopped after a short period, and the company’s office was later found closed.

Authorities believe many affected families may now face both financial losses and housing instability.

Police Suspect Ponzi-Style Financial Operation

Investigators suspect the operation may have functioned as a Ponzi-style scheme in which money collected from new investors was used to pay earlier participants. Officials believe the system collapsed once fresh investments slowed down.

Police are also examining allegations that the accused may have previously been linked to another cheating case before launching operations under a different business structure.

Raids are reportedly underway to trace the absconding accused and identify additional individuals connected to the financial network.

Experts Warn Against High-Return Rental Schemes

Real estate and cybercrime experts warned that rising rents and housing shortages in metropolitan cities are creating opportunities for fraudulent investment schemes disguised as rental support services.

Triveni Singh stated that many modern fraud operations combine digital marketing, referral systems, and early payouts to create trust among investors before collecting larger amounts.

Experts advised the public to independently verify company registrations, legal records, and contractual agreements before investing money in housing or rental-linked financial programs.

Authorities believe the total losses and number of victims may increase further as more complaints continue to emerge.